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Good day, everyone. I'm relatively new to trading BTCUSD and am trying to understand the significance of Simple Moving Averages. I see the 200-day SMA is at approximately 68846.05. Is this generally considered a strong support level? Any insights would be greatly appreciated!
Hi @benjamintolentino15, yeah, SMAs are definitely important to watch. That 200-day SMA you mentioned around 68846 can act as a support, but it's not a guarantee. Think of it more like a potential area where buyers might step in. It also depends on the timeframe you're looking at. D1 charts will give you a different picture than H4. Also, look at other indicators too - RSI, MACD. Don't rely on just one thing. I am still a beginner at this, tbh, but that's what I've been learning. Hope this helps!
